| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26074 |
| 来源ID | Working Paper 26074 |
| The Information View of Financial Crises | |
| Tri Vi Dang; Gary B. Gorton; Bengt R. Holmstrom | |
| 发表日期 | 2019-07-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Short-term debt that can serve as a medium of exchange is designed to be information insensitive. No one should be tempted to acquire private information to gain an informational advantage in trading that could destabilize the value of the debt. Short-term debt minimizes the incentive to acquire information among all securities of equal value backed by the same underlying asset. These features align with observed practice in money markets (markets for short-term debt). They are also consistent with financial crises occurring periodically. In the information view adopted here, financial crisis can occur when the collateral backing the short-term debt is thought to have lost enough value to raise doubts among the traders that some may acquire private information. The purpose of this paper is to review some of the burgeoning empirical literature that bears on the information view sketched above. We focus on evidence related to three key implications of information insensitive debt: (i) adjustments to external shocks will occur along non-price dimensions (less debt issued, higher haircuts, added collateral, etc); (ii) in a crisis some of the short-term debt turns information sensitive; (iii) money markets feature low transparency as well as purposeful opacity. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w26074 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583748 |
| 推荐引用方式 GB/T 7714 | Tri Vi Dang,Gary B. Gorton,Bengt R. Holmstrom. The Information View of Financial Crises. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26074.pdf（1168KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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